Where Is The Crypto Alpha Hiding This Cycle?

In 2025's dispersion-heavy market, most liquid crypto hedge funds are reportedly beating Bitcoin by wide margins for the first time in years.

• Crypto x AI finds real niches: Arthur Cheong cites Nous Research's Hermes framework and Venice AI (privacy-focused inference routing, hockey-stick growth vs. OpenRouter) as legitimate crypto-AI products, moving past 2023's forced fits.
• AI CapEx financing is a wedge: Rajiv Patel-O'Connor highlights Framework portfolio company USDAI doing mid-market GPU cluster financing (e.g., $150M GPU purchases) with better rates than traditional lenders.

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